The price of Bitcoin is strongly bearish in the short term, further drop is favored. It has dropped by 6.47% from yesterday's high of 24,590 to 23,000 today's low. In the short term, it has moved sideways after the price action signaled exhausted buyers.
In the last 24 hours, Bitcoin is down by 3.24% and by 4.37% in the last 7 days. The current sell-off forced the crypto market to drop, the altcoins turned to the downside as well.
BTC/USD Strongly Bearish!
BTC/USD moved sideways in the short term between 25,212 and 23,369 levels. You knew from my previous analysis that dropping and stabilizing below the major ascending pitchfork's median line (ML) may announce a larger correction.
You can see that the rate tested and retested the median line (ML) and now it seems determined to take out 23,369 as well.
BTC/USD Forecast!
Escaping from the current range could bring new opportunities. A valid breakdown below 23,369 activates more declines at least towards the median line (ml) of the descending pitchfork. A larger drop should be activated after taking out the median line (ml).
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